Fact sheet: Committee on the Global Financial System

The Committee on the Global Financial System is a central bank forum for the monitoring and examination of broad issues relating to financial markets and systems. It helps to elaborate appropriate policy recommendations to support the central banks in the fulfilment of their responsibilities for monetary and financial stability. In carrying out this task, the Committee places particular emphasis on assisting central bank Governors in recognising, analysing and responding to threats to the stability of financial markets and the global financial system.

Membership

Members are deputy governors, other senior officials of central banks, and the Economic Adviser of the BIS. Member institutions are:

Institutions

Reserve Bank of Australia

Bank of Korea

National Bank of Belgium

Central Bank of Luxembourg

Central Bank of Brazil

Bank of Mexico

Bank of Canada

Netherlands Bank

People's Bank of China

Monetary Authority of Singapore

European Central Bank

Bank of Spain

Bank of France

Sveriges Riksbank

Deutsche Bundesbank

Swiss National Bank

Hong Kong Monetary Authority

Bank of England

Reserve Bank of India

Board of Governors of the Federal Reserve System

Bank of Italy

Federal Reserve Bank of New York

Bank of Japan

Chair

William C Dudley, President, Federal Reserve Bank of New York

Secretariat

Konstantinos Tsatsaronis, Bank for International Settlements, supported by a staff of six.

Frequency of meetings

Regular Committee meetings are held on the occasion of four of the bimonthly meetings of Governors of BIS member central banks.

Reporting arrangements

As of January 2010, the Chairman of the CGFS reports to the Global Economy Meeting, which comprises a group of 31 central bank Governors as members, on the CGFS's monitoring discussions and on other Committee initiatives.